Declaring Bankruptcy

Bankruptcy is a serious decision and should be the last resort for people who are dealing with debt that has gotten out of control. If you are considering declaring bankruptcy, you need to consider all other alternatives first and speak to a financial counsellor to ensure it’s the best decision for you.

That being said, should you declare bankruptcy, you will need to complete and lodge the bankruptcy forms with the Australian Financial Security Authority. The bankruptcy forms are a Form 6 Debtor’s petition and Form 3 Statement of affairs which can be downloaded from the following link:

https://www.afsa.gov.au/insolvency/how-we-can-help/forms/forms-apply-bankruptcy

You need to make sure to take your time when filling out these forms so that everything is correct.

Section 6A(2)(c) of the Bankruptcy Act 1966 states that the statement of affairs must contain a declaration that, so far as the person is aware, the particulars set out in the statement are correct. A statement of affairs must also carry sufficient information for it to be considered a statement of the debtor’s affairs. The official receiver has a discretionary power to either accept or not to accept a statement of affairs as being a valid statement of the debtor’s affairs. 

If you are ever unsure about how to complete these forms, you should contact our office for assistance.

Email: cbc@cbclawyers.com.au

Phone: 07 4772 3644